Canara Bank on Tuesday announced a reduction on its benchmark prime lending rates by 25 basis points with effect from February 16. Earlier, the Bank had reduced the rate of interest on housing loans by 25 basis points. The Bank has pursued the goal of rebalancing the credit portfolio in the current year in a very effective way, a press release issued by the Bank said. The Bank has also achieved a growth of 28 per cent under SME, 24 per cent under agriculture and 20 per cent under infrastructure lending, the release added
Tata AIG Life launches Invest Assure Future
Tata AIG Life Insurance Company Limited, on Tuesday, announced the launch of InvestAssure Future, a unit-linked pension plan. InvestAssure Future is designed to help the customer meet his needs of capital accumulation to plan for a secure retired life. This is the first pure pension plan from Tata AIG Life’s portfolio. This easy to purchase plan comes in two options where a customer can find his future retirement needs by paying either a single or regular premium.The customer will also receive a guaranteed bonus at maturity.
SVEC Construction Ltd withdraws its IPO
The plummeting Indian bourss claimed yet another victim as Hyderabad based construction company SVEC Constructions Ltd, on Tuesday, withdrew its IPO citing poor response on the backdrop of weak global cues, reports UNI from Mumbai. The Company, which aimed to raise a minimum of Rs 34 crore from its fourty lakh share offer was the third to bite the dust after Wockhardt Hospitals and Emaar MGF withdrew due to poor patronage. According to marketmen, the issue, which collected just 24 per cent subscription so far, failed to sustain push-back pressure on poor responce from institutional investors.
Archidply Industries files DRHP with Sebi
Archidply Industries Limited, on Tuesday, announced in Bangalore that it has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds from the capital market in order to fund its expansion plans. The company has already acquired 12.50 acres of land at Katmachanahalli Industrial Estate, Bangalore. The company is also planning to set up a manufacturing facility at the existing campus located at Rudrapur, Uttarakhand .
Ranal Software ties up with Turbolinux India
Bangalore-based Ranal Software Technologies Pvt Ltd (A Ranal Group company), on Tuesday, announced in Bangalore that it has tied up with Gurgoan-based Turbolinux India, to give corporates an added advantage of using Ranal’s management solution “CAMeLEAN/PM” on the Linux platform. CAMeLEAN/PM is an enterprise class role-based programme management solution that helps organisations collaborate and communicate across projects.
Alcatel to deploy 13,000 submarine cable network
Alcatel-Lucent has signed a turnkey contract with a consortium composed of nine operators to deploy a new submarine cable network linking Mumbai to Marseilles in France, over approximately 13,000 km. Named India-Middle East-Western Europe (IMEWE), the network meets the need for enhanced, backhaul communications along the India-Western Europe route.
